Sarbanes-Oxley as Quack Corporate Governance: How Wise is the Received Wisdom?

Robert A. Prentice · David B. Spence

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Law

Abstract

Recent articles by Romano of Yale, Clark of Harvard, and Ribstein of Illinois have all surveyed the empirical academic literature and found Sarbanes-Oxley (SOX) wanting, Romano terming four of its key provisions quack corporate governance. Using a slightly wider lens and considering an avalanche of more recent work, this article demonstrates that the current dominant view that SOX is wholly unsupported by the academic literature is simply wrong. Rather, that literature gives substantial reason to view some of SOX's most important provisions with a measure of hope.

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